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Balenciaga made waves with its recent resort show in the New York Stock Exchange, and it continues to stay relevant with its statement that clients will be able to pay with Bitcoin and Ethereum beginning next month in June. The premium fashion business follows labelmate Gucci in endorsing this emerging method of payment, reaffirming the conglomerate’s commitment to the digital world. Balenciaga’s retail locations on Madison Avenue in New York and Rodeo Drive in Beverly Hills, Los Angeles will accept this payment option.
For a long time, the volatility of cryptocurrencies has been an impediment to company owners completely embracing this new kind of technology. Many people are hesitant to enter or grow into the digital realm because of the uncertainty it brings, but Balenciaga has stated that it is “thinking long term,” and occasional swings are nothing new. Keeping this in mind, the business hopes that their effort will be beneficial in the future as cryptocurrency acceptance becomes more widespread. TAG Heuer is the most recent luxury company to do so.